Member Info for DanBrown83

That’s the great thing about been part of the operation side, you have control, approving a contractor was always going to be required so need to look up this one later as travelling at minute, still want to see the CPR report and then this will be all about the results of the first well, if it’s a success in q4, so will raise in price significantly, if it fails, it will likely be too costly for adme and could be the end, will be interesting to know the exact agreement in due course and how much risk / profit is taken away from admei

need the CPR report to hopefully give confidence
I think we can see that the last Investor Call never helped and actually could of made things worse
The actual presentation was good, clear -made a lot of sense and i liked the deal more
the Q&A session was poor performance from OSA - it was very defensive and personally he kind of attacked me saying I shouldn't rely on google as research (yet for us investors its probably our most important bit of information)
personally I take less notice of an Align Research Note as it is totally biased and paid for by the company than I do from the information we piece together from the internet

Not a bad RNS - the main point was that Eunisell may consider vendor finance, keeping the finance away from ADME is always good
Eunisell look a good sized company as well so certainly have the expertise and financial capability behind them

The terms are always generous, we’re not producing revenue so would be assessed as high risk, likely they have the option to convert and some at 2.45p, why not, probably pre sold, no RNS on them 2 x 3m sells so wonder if just a transfer, 3.7p to buy is darn low now but I have to blame OSA and more in respect to how he is presenting the new investment, hopefully the CPR in 3 weeks will help with the actual SP move upwards

We all hope it goes well from here, my opinion of OSA went down last investor call, he never really convinced me on the DBI and Barracuda prospect, but I will wait to see if the CPR is good, if it is good, no reason that we can’t present to Trafigura, I would assume OSA did go there, he basically ridiculed investors googling for information but when his RNS states 4 wells already drilled, first thing any investor is going to look at is the past performance, if these all had produced millions of barrels we wouldn’t be having the concerns, also I doubt we would of got the service contract so cheap

it was in answering my question he mentioned it cause I brought it up as one - a couple of others did as well
he actually kind of had a go saying we shouldn't rely on google, it got me a bit ****ed off because we use google as part of our research because of the lack of clarity in the RNS / information provided

in terms of the DBI family, his comments were hes been to their houses, played with the kids, been in the rolls royces etc
If that is true and i have no reason not to believe so, then there should be no concern on this finance arrangement

That's why I hope he posts the full new CPR report by end of April - I assume they have the 2016 one which shows this information but probably can't publish it
he is obviously excited by this prospect and i have said here previously, been the operator is where the money is at
It was interesting to see the Agreement in clearer detail and how it worked, but i assume its similar to whats in place at AJE, and that is why project debt remains outstanding, personally I don't think ADME will get any revenues from AJE for a couple of years, it is more likely that any surplus funds would be used to fund phase 2 and likewise phase 3 in due course

very interesting 6 months now

Hi Spikey

Nothing on the marginals i'm afraid but he can't say anything until its RNS'd
I will hold until the new CPR - I want to see the technicals - i don't understand the technicals myself but i have a good friend who works in the O&G sector in Kuwait
He went over the wells were in the wrong place, but i hate that as an excuse - in 1957 they did an appraisal of the whole area and a professional team judged them first 3 wells to have the best chance of success, same 15 years ago, when they drilled the 4th well, it was on data saying there was a high chance of success, the area ADME are looking at we can only hope has a decent chance of success,
we will see what the new report says,
I like the structure, we are the operators of the site, we fund the project debt (via DBI and what sounds like Bank Guarantees / Letters of Credit) but i'm still not convinced on this part yet, i do hope he has genuinely met them like he said
The structure of the deal sees ADME making a good profit, but also our income comes first, the problem is we are paying all CAPEX, so taking all the risk, if the wells are dry, the current owners lose nothing, we would be the only ones to put hard cash in

I listened to 2/3 of it, basically on my points or the number of question relating to barracuda and DBI he said we shouldn’t rely on google, I was sat listening to it and I was pretty angry because it was like an attack, the whole point of these podcasts with Q and A is we get to know more, the RNS on Barracuda lacked any detail, we have had to do our own research and that means google etc, he says he has played with the zubair family kids, been in their homes, etc, on the Barracuda proposal, I actually like it a bit better, the reason it’s a cheap investment is that we are the primary service provider, one of the problems with AJE is that we are just an investor and project debt, our profit is backended but with barracuda, our costs are paid back front end at a premium of capex, obviously we are going to be taking on finance to do the well but if the well is a success then this will be a very good deal, new CPR by end of month on his timeline, the biggest problem is if we enter into finance obligations to fund the capex and the well fails, imho, adme won’t have the tens of millions in revenue required so could be the end. we should have an update on aje phase 2 by end of June, in relation to the old wells at barracuda they say the data they hold were in the wrong area, I hope they publish the technical reports in full and not just snippets they want to share

Interesting to see if we get a TR1 on these
Either two sells, likely European Securities Limited as they have exactly 6m or it’s some form of transfer

I will listen to the call tonight
it sounds like my questions were answered by the brief points made in Ginksy as:
ADM technical team happy with the well data
very happy with dbi credentials

I put in a couple
1 on Barracuda and 1 on Dubai Bridge

that looks like £20k was bought - then someone realised it wasn't in their ISA and they did a transfer

Another so soon - I think the BOD must want to get out their views on the new investment as i imagine the SP going down was totally unexpected

I think the problem is more we have looked at it - its not an exciting oil field development - i hope i am wrong - i hope that the CPR report does say we have something but it sounded too cheap and the history of the wells so far is terrible - hence why in c50 years there hasn't been a drop of oil produced

my view is as I stated - its a cheap punt (in oil and gas terms)
We more thank likely looking at a field with a low chance of success - i think this is reflected in the SP today as people have done research or sold some larger chunks
I think our BOD - if possible - should show the information they have on the site to quantify their statements of future production, because reading the information available, I can't see how that is possible

Looking at Daniel Maling
previous companies: UKOG (8 months as company secretary - resigned 2017) & Pathfinder Minerals ( 18 months as Company Secretary - resigned 3 months ago)
has various limited companies hes been involved with but both of them are on AIM

that looks more like a delayed sell

We have seen it with every lacing that they do currently have a set of investors who they go to first
this isn't a bad thing as they do typically place higher than the current price
problem with Primary Bid is you are always at a discount, 10%+ on SP - so would of been c3.6p a share

Looks like we have a big seller unfortunately today / end of yesterday

Just read that report Spikey
I can see why it was so cheap of an investment - would really like to see the most recent CPR by Ryder Scott in 2016
The Oryx Company report pretty much says the area has Oil but are technically deemed 'dry'

The other problem for me is the claim that Zubair al Zubair is ‘His Excellency’ even by the official Zubair Corporation website, the only member of the family with ‘His Excellency’ is Mohammed Al Zubair, I would really doubt that this would ever happen, it would be like Prince William calling himself King etc